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Lithium loses glowing status

Global lithium stocks received criticism this week after Goldman Sachs declared the bull market in battery metals to be over.

Livent Corp fell by 14.3%, while Albemarle Corp was down 7.8% in the US. SQM dropped more than 5% in Chile.

Of the Chinese producers, Ganfeng Lithium and Tianqi Lithium each dropped about 3%.

Canaccord Genuity lithium analyst Reg Spencer has already spoken out against the Goldman Sachs report, as has lithium expert, Global Lithium's Joe Lowry.

Lowry said Goldman's estimates missed on both supply and demand.

"Why does demand growth slow from 2023? New supply is overestimated as amateurs tend to do," he tweeted.

"Scrap actually increases the shortage as it slows lithium to market. Lepidolite will grow but has cost/quality problem."

At midweek, Bloomberg reported that Argentina was planning retroactive fees for lithium producers.

Outside lithium, gold was trading at $1850 an ounce and oil at $115.26 a barrel.

Base metals, except for copper, were lower ahead of the extended UK long weekend to celebrate Queen Elizabeth II's Platinum Jubilee.